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Program on Corporate Governance Advisory Board
- Peter Atkins
- David Bell
- Kerry E. Berchem
- Richard Brand
- Daniel Burch
- Paul Choi
- Jesse Cohn
- Arthur B. Crozier
- Renata J. Ferrari
- Andrew Freedman
- Ray Garcia
- Joseph Hall
- Jason M. Halper William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino
- Steven J. Williams
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
NYDFS Proposed Cybersecurity Regulation for Financial Services Companies
On Sept. 13, 2016, the New York State Department of Financial Services (“NYDFS”) issued a proposed regulation that would impose new, rigorous cybersecurity requirements on banks, consumer lenders, money transmitters, insurance companies and certain other financial service providers (each, a “Covered Entity”) regulated by the NYDFS (the “Proposed Regulation”). Given New York’s importance in the financial […]
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Posted in Accounting & Disclosure, Banking & Financial Institutions, Financial Regulation, Legislative & Regulatory Developments, Practitioner Publications, Securities Regulation
Tagged Accountability, Banks, Consumer protection, Cybersecurity, Disclosure, Financial institutions, Financial regulation, New York, Privacy, Risk, Risk management, Securities regulation, State law
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Securities Regulation in the Interconnected, Global Marketplace
It is my pleasure to participate in this year’s International Bar Association Annual Conference at the request of your president, David Rivkin, whom I first came to highly admire from our days as very young lawyers. He is a tremendous lawyer and leader. In reviewing your conference program, I was struck by the significant overlap […]
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Posted in Accounting & Disclosure, International Corporate Governance & Regulation, Practitioner Publications, Regulators Materials, Securities Litigation & Enforcement, Securities Regulation, Speeches & Testimony
Tagged Anti-corruption, Asset management, Cross-border transactions, Cybersecurity, Disclosure, Exchange-traded funds, FCPA, International governance, Liquidity, Mutual funds, Oversight, SEC, SEC enforcement, Securities enforcement, Securities regulation
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The Board’s Role in FCPA Compliance
For directors of public companies with foreign operations, “FCPA” is a dreaded acronym. In recent years, compliance with the Foreign Corrupt Practices Act has become a key area of focus for boards and management. Enforcement of the FCPA has increased markedly since 2004, and the U.S. Securities and Exchange Commission and the Department of Justice […]
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Posted in Boards of Directors, International Corporate Governance & Regulation, Practitioner Publications, Securities Regulation
Tagged Anti-corruption, Board communication, Board leadership, Boards of Directors, Compliance & ethics, Corporate culture, Engagement, FCPA, International governance, Misconduct, Oversight, Reputation, Risk oversight, Securities regulation
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Weekly Roundup: September 16–September 22, 2016
PROMESA and Puerto Rico’s Pathways to Solvency Posted by Stephen Park, University of Connecticut, and Tim Samples, University of Georgia, on Friday, September 16, 2016 Tags: Bailouts, Bankruptcy, Bondholders, Bonds, Debt, Debtor-creditor law, Engagement, Incentives, Municipal securities,PROMESA, Puerto Rico, Restructurings, Securities regulation, Sovereign debt Equity Market Structure in 2016 and for the Future Posted by […]
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Posted in Weekly Roundup
Tagged Weekly Roundup
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2016 Global Board of Directors Survey
The growing demands on corporate boards are transforming boardrooms globally, with directors taking on a more strategic, dynamic and responsive role to help steer their companies through a hypercompetitive and volatile business environment. Economic and political uncertainties make long-term planning more difficult. The proliferation of cyber attacks—and their consequences for business in financial losses and […]
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Posted in Boards of Directors, Practitioner Publications, Securities Regulation
Tagged Board composition, Board dynamics, Board evaluation, Board performance, Board turnover, Boards of Directors, Cybersecurity, Director qualifications, Diversity, Succession, Surveys
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The Law and Brexit VI
Despite a weekend of Brexit brainstorming by the Cabinet at the Prime Minister’s country retreat, we are still no closer to understanding the Government’s preferred trading model for Brexit Britain. Meanwhile, many Brexiteers in the Parliament and the Press have pointed to some positive economic data as proof that fears about the economic impact of […]
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Posted in Banking & Financial Institutions, Financial Regulation, International Corporate Governance & Regulation, Practitioner Publications
Tagged Banks, Brexit, Clearing houses, Cross-border transactions, Derivatives, EMIR, ESMA, EU, Europe, Financial institutions, Financial regulation, International governance, MiFID, OTC derivatives, Reporting regulation, Swaps, Switzerland, UK
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Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns
“Day-to-day fluctuations in the profits of existing investments, which are obviously of an ephemeral and non-significant character, tend to have an altogether excessive, and even an absurd, influence on the market. It is said, for example, that the shares of American companies which manufacture ice tend to sell at a higher price in summer when […]
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Posted in Academic Research, Accounting & Disclosure, Empirical Research
Tagged Analyst forecasts, Analysts, Behavioral finance, Earnings announcements, Financial reporting, Forecasting, Information environment, Market efficiency, Stock mispricing, Stock returns
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Evaluating Monetary Policy Operational Frameworks
Thank you for giving me the opportunity to discuss Ulrich Bindseil’s excellent paper, which builds on his considerable body of work in this field and provides an insightful discussion of monetary policy implementation. What makes Ulrich’s contributions notable is the unique combination of academic rigor and practical insights he brings to the topic. By distilling […]
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Posted in Banking & Financial Institutions, Financial Crisis, Financial Regulation, Practitioner Publications, Regulators Materials
Tagged Banks, Central banking, Federal Reserve, Financial crisis, Financial institutions, Financial regulation, Interest, Liquidity, Market efficiency, Monetary policy, Moral hazard, Risk, Systemic risk
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A Gadfly’s Perspective
Individuals who submit shareholder proposals to companies for inclusion on their proxy statements are often characterized as nuisances. These shareholders often have little wealth at stake yet exert considerable effort and incur non‐trivial expenses in order have a shareholder proposal put to a vote—which more often than not does not support the proponent’s proposal. David […]
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Posted in Academic Research, Boards of Directors, Corporate Elections & Voting, Institutional Investors, Securities Regulation
Tagged Boards of Directors, Capital allocation, Engagement, Institutional Investors, Management, Proxy season, Proxy voting, Repurchases, SEC, Shareholder activism, Shareholder proposals, Shareholder value
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What Do Private Equity Firms Say They Do?
Our new article, What Do Private Equity Firms Say They Do?, is the largest survey of private equity (PE) investors to date. While there has been much academic work on the effects of private equity, there has been relatively little analysis of actions taken by PE fund managers. We seek to fill this gap by […]
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Posted in Academic Research, Empirical Research, Private Equity
Tagged Asset management, Capital structure, Equity capital, Firm performance, Fund managers, Incentives, Management, Oversight, Partnerships, Private equity, Surveys
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